Property prices up 0.3% in March

Residential property prices increased by 0.3% in the month of March, according to the latest figures from the Central Statistics Office (CSO).

This compares with no change recorded in February and an increase of 0.9% recorded in March of last year.

In the year to March, residential property prices at a national level, increased by 7.4%. This compares with an increase of 8.0% in February and an increase of 16.8% recorded in the 12 months to March 2015.

In Dublin residential property prices increased by 0.9% in March and were 3.9% higher than a year ago. Dublin house prices increased by 1.2% in the month and were 4.1% higher compared to a year earlier. Dublin apartment prices were 1.6% higher when compared with the same month of 2015. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) decreased by 0.2% in March compared with an increase of 0.7% in March of last year. Prices were 10.5% higher than in March 2015.

House prices in Dublin are 34.3% lower than at their highest level in early 2007. Apartments in Dublin are 41.2% lower than they were in February 2007. Residential property prices in Dublin are 36.3% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 35.4% lower than their highest level in September 2007. Overall, the national index is 33.6% lower than its highest level in 2007.